Ok, I think I managed to figure it out.
Using the kinematic equation for x-direction motion-
\Delta{x}=v_{0x}t
40.0m=v_{0}(\cos 30^o)t
Then solve for t to get-
t=\frac{40.0m}{v_{0}(\cos 30^o)}
Then I used the kinematic for y-direction motion-
\Delta{y}=v_{0y}t+\frac{1}{2}gt^2
Then substitute my known components in-
3.50m=v_{0}(\sin 30^o)t-\frac{1}{2}(9.80 \frac{m}{s^2})t^2
Then substitute the x-direction equation that was solved for t-
3.50m=v_{0}(\sin 30^o)(\frac{40.0m}{v_{0}(\cos 30^o)})-\frac{1}{2}(9.80 \frac{m}{s^2})(\frac{40.0m}{v_{0}(\cos 30^o)})^2
Then I get to slog through all of the algebra to solve for v_{0}
3.50=\frac{40.0 \ sin 30^o}{\cos 30^o}-4.90(\frac{46.2}{v_{0}})^2
3.50=23.1-4.90(\frac{2134}{v_{0}^2})
-19.6=-\frac{10457}{v_{0}^2})
v_{0}^2=\frac{-10457}{-19.6}
v_{0}=23.1\frac{m}{s}
Then I substitute my v_{0} back into my equation for t-
t=\frac{40.0m}{23.1(\cos 30^o)}
Which then simplifies to t=2.00 \ sec
Questions- Assuming that I did work through this correctly, which I'm pretty sure I did, is it just by chance that I ended up with a term of 23.1 several steps before I finished solving the equation, or is there some relevance to that? The term that simplified to the 23.1 several steps back did have v_{0} in both the numerator and denominator, but they canceled when I was doing the simplification.
Would there have been a simpler way of going about this problem? This was the smoothest approach I could find, and it seems to work out pretty well. Any suggestions on things I could have done differently?
gneill- I took your suggestion of leaving g as a positive value, and just changed my plus sign to a negative sign, rather than substituting a -9.80 into the equation. Is that what you were referring to?
edit- Another thought. I suppose I would have gotten a more precise answer if I'd left the values of the sines and cosines in exact forms, rather than using decimal approximations. I don't think that would have drastically changed the solution, because I was squaring parts of the equation and taking square roots anyway, but that's definitely something to keep in mind. Due to the need for sig figs, would that really have made much difference here?
edit 2- Another thought- The algebra in this would have been a lot more straight forward if I'd solved the y-direction kinematic for v_{0} before substituting the actual numbers in. Another important thing to keep in mind for future problems, yes? In this case though, I guess it may not have really helped very much, because I'd still end up having v_{0}^2 on both sides of the equation anyway after I substituted my equation for t back in.